Oh I'm so Embarrassed!

[Anonymous]

NFCU- navy Federal Credit Union

USAA- USAA

They both are for the most part restricted membership financial institutions that serve military members and their familes.

If you have a relative/Parent that was a member they can easily in most cases sponsor you- just ask.

They offer exceptional banking services and very competitive if not dirt cheap interest rates on loans.

You should easily be able to get loans at better rates (except for you rmortgage) if you can get "in."

If not try Alliant Credit Union.

Message Edited by usmc58555 on 07-02-2009 01:09 PM

[creditwherecreditisdue]

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@Anonymous wrote:

What are NFCU and USAA?

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NFCU is the largest credit union in the US.

USAA is a savings and loan that offers additional financial products including insurance policies.

Both have membership restrictions and are primarily oriented to military personnel and their dependents. If you have a military connection they both are worth investigation.

[creditwherecreditisdue]

Be careful about borrowing money against a BK protected account to pay BK'able debt. Many qualified accounts are protected from action by your creditors for unpaid debts. To the extent you borrow against these balances and take the money outside the account it is no longer protected. It is generally not a good idea to do this.

[marty56]

If you take the BofA CC deal,  they might require you not to open any more credit accounts until you are PIF.  If that is the case, I can 100% guarantee they will drop you from the program and raise the interest rates to some very large unpleasant  value.

If your other cards are PIF each month, I would take the deal.  I wouldnt worry about the effect on your FICO score since you wont be applying for any new loans if you take the deal.  Once the card IS PIF, you will be able to get another CC if you desire.

[marty56]

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@Anonymous wrote:

I own a condo that's worth 269,000 on which I owe 75,000. B of A also offered me a loan reduction that would add almost 6,000, but would lower the interest rate to 4.75 from the current 7.76%

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@Anonymous but the government's  loan/interest rate reduction is a scam.  I had a Freddie Mac loan managed through National City @ 7.25 (I was subprime 5 years ago) fixed for 30 years.  They gave me the same type of offer to reduce to a 15 year loan at 5.1% and I had to pay PMI and all those "refi" fees.

@I went to RBFCU and got a 5 year fixed loan @ 4.0%, under 1k closing costs and no PMI and no government help.  Just closed yesterday.

Message Edited by marty56 on 07-02-2009 06:24 PM

[Mzpatient]

Try to apply to USAA. I believe thatt they are now opening up their membership and they have great loans and rates. It is the best since they service mostly the military. Good luck.

[Anonymous]

I work for mbna now BoA. Do not take the reduced rate. Take a heloc on ur condo and pay off ur credit cards. Whoever said ur fico is just a number is wrong. You risk getting all ur cards closed if you do this. The whole reason there is a FICO is so the banks can comunicate with each other. If the othe CCs see what you've done and they will. You will prob have ur cards closed even though u pay them off in full every month. It sounds good but unless you want to have no cc don't do it. This is exactly the kind of stuff we're trained in that's y the rep was probably stressing to u that it would show on ur credit report that u closed them which scares all the banks. Do not do it. It is financial sucside

[marty56]

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@Anonymous wrote:
I work for mbna now BoA. Do not take the reduced rate. Take a heloc on ur condo and pay off ur credit cards. Whoever said ur fico is just a number is wrong. You risk getting all ur cards closed if you do this. The whole reason there is a FICO is so the banks can comunicate with each other. If the othe CCs see what you've done and they will. You will prob have ur cards closed even though u pay them off in full every month. It sounds good but unless you want to have no cc don't do it. This is exactly the kind of stuff we're trained in that's y the rep was probably stressing to u that it would show on ur credit report that u closed them which scares all the banks. Do not do it. It is financial sucside

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Never a good idea to use secured assets to pay unsecured debt.  Many people here who are CC debt free haven't seen AA across the board on all of their CC accounts and some (like me) havent seen any.  There will always be an option for a CC card.  CUs are still lending.

[Anonymous]

Just out of curosity, what does AA mean?   "seen AA across the board on all of their CC "

[Anonymous]

Thanks. I've got a nephew who is a Naval officer. I'll ask my brother about that possibility.